The dispute with the USA has centered on the continued detention of an American pastor who is on trial for espionage and terror-related charges. Turkey has so far refused to comply, prompting Trump on Friday to double the tariffs on USA imports of Turkish steel and aluminium, causing the lira to plunge.

"They tell us to release the priest by Wednesday 6:00 p.m., otherwise the sanctions will begin", saidErdogan, adding Turkey was not a country to agree to such requests.

Addressing a conference in Ankara gathering Turkish ambassadors, he called on Washington to "remain loyal to ties based on traditional friendship and North Atlantic Treaty Organisation alliance" with Turkey.

Cavusoglu said: "We support diplomacy and negotiations but it is not possible for us to accept impositions".

Turkey on Monday accused the U.S. of "stabbing it in the back" as the country's economic woes failed to stop market turmoil amid a deepening diplomatic spat with Washington.

The Chief Prosecutor's Office in Istanbul has opened an investigation into actions threatening "economic security", while Turkey's financial watchdog launched a separate probe into what it described as "fakenews" aiming to manipulate economy.

Turkey's worsening currency crisis sent world equities lower and emerging market currencies under selling pressure on Monday, while gains in large USA technology companies kept benchmark indexes slightly higher. On Wall Street, investors have responded to Turkey jitters by selling equities and buying government bonds.

Much of the early action was in currencies with the euro gapping lower as the Turkish lira took another slide to all-time lows around 7.2400 at one stage.

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As well as the lira, emerging market and other high-yielding currencies tumbled across the board. The European Central Bank has expressed concern about potential contagion through the eurozone banking system, with Spain, followed by Italy, the most heavily exposed countries.

Steffen Seibert, a spokesman for the German government said it was too early to comment on the exposure of German companies to the economic situation in Turkey, and declined to assess the latest developments there.

"We do not anticipate a change in the ECB's monetary policy stance because of Turkish economic and political developments".

Banks are at risk from a sell-off related to Turkey as well, he added, recalling what happened in markets at the time of the Greek crisis in the early part of the decade.

The Turkish currency reached a new record low of 7.24 against the USA dollar in Asia Pacific trade when markets opened on Monday morning. In the absence of a decisive rate increase, he said, "it is.hard to look at these announcements as being anything more than temporary calming measures, rather than solutions to the problems at hand".

Turkish President Recep Tayyip Erdogan said on Saturday that his country was now looking to form alternative economic alliances from "Iran, to Russian Federation, to China and some European countries", after the U.S. "upset and annoyed" its North Atlantic Treaty Organisation ally with sanctions that greatly exacerbated the lira's existing troubles.

By Monday morning, the lira had pulled back from a record low of 7.24 to the dollar, after the central bank pledged to provide liquidity and cut reserve requirements for Turkish banks.

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Trade Representative Robert Lighthizer and Mexican Economy Minister Ildefonso Guajardo ended with bilateral work still to be done. Trump has repeatedly lashed out at Canadian Prime Minister Justin Trudeau over economic issues such as tariffs and trade policy.

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The day saw the lira plunge as much as 18% at one point, the biggest one-day drop since Turkey's 2001 financial crisis. He said high foreign exchange rates were being used as a weapon against Turkey. "This is a national, domestic battle".